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Powerful Technologies Ltd.

BSE: 535102 Sector: Consumer
NSE: POWERFUL ISIN Code: INE650Z01011
BSE 05:30 | 01 Jan Powerful Technologies Ltd
NSE 05:30 | 01 Jan Powerful Technologies Ltd

Powerful Technologies Ltd. (POWERFUL) - Auditors Report

Company auditors report

To

THE MEMBERS OF

POWERFUL TECHNOLOGIES LIMITED

Delhi.

Report on the Audit of the Standalone Financial Statements

We have audited the accompanying financial statements of POWERFUL TECHNOLOGIESLIMITED having their registered office at G1 Prakash Chamber Ground Floor 6 NetajiSubash Marg Darya Ganj Central Delhi-110002 which comprise the Balance Sheet as at 31March 2019 the Statement of Profit and Loss for the year then ended and the Cash flowstatement for the year ended and a summary of significant accounting policies and otherexplanatory information.

Opinion

We have audited the standalone financial statements of POWERFUL TECHNOLOGIES LIMITEDwhich comprise the balance sheet as at 31st March 2019 and the statement of Profit andLoss and notes to the financial statements including a summary of significantaccounting policies and other explanatory information .

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

i. in the case of the balance sheet of the state of affairs of the Company as at 31March 2019; and

ii. in the case of the statement of profit and loss of the profit for the year endedon that date.

iii. in the case of the cash flow statement of the cash flows for the year ended onthat date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Responsibility of Management for Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act'') with respect to the preparation ofthese financial statements that give a true and fair view of the financial position andfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards referred to in section 133of the Act read with Rule 7 of the companies (Accounts) Rules 2014. This responsibilityalso includes maintenance of proper accounting records in accordance with the provisionof the Act for safeguarding of the assets of the company and for preventing and detectingthe frauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent and designimplementation and maintenance of internal financial control that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. Board of Directors are also responsible for overseeing thecompany's financial reporting process

Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements. As part of an audit inaccordance with SAs we exercise professional judgment and maintain professionalskepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143 (3) CO of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements. We communicate with those chargedwith governance regarding among other matters the planned scope and timing of the auditand significant audit findings including any significant deficiencies in internal controlthat we identify during our audit. We also provide those charged with governance with astatement that we have complied with relevant ethical requirements regarding independenceand to communicate with them all relationships and other matters that may reasonably bethought to bear on our independence and where applicable related safeguards. From thematters communicated with those charged with governance we determine those matters thatwere of most significance in the audit of the standalone financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by the section 143(3) of the Act we report that:

i. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit;

ii. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

iii. The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;

iv. In our opinion the aforesaid financial statement comply with the Accountingstandards specified under Section 133 of the Act Rule 7 of the Companies (Accounts)Rules 2014;

v. On the basis of written representations received from the directors as on 31 March2019 and taken on record by the Board of Directors we report that none of the directorsis disqualified as on 31 March 2019 from being appointed as a director in terms ofSection 164(2) of the Act;

vi. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".; and

vii. With respect to the other matters included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Accounts) Rules 2014 in our opinion and to thebest of our information and according to the explanation given to us:

a. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements.

b. The company did not have any long term contracts including derivatives contracts forwhich there were any material foreseeable losses

c. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the company.

For RPMD & Associates
Chartered Accountants
Firm's registration number: 005961C

 

(Rahul Jain)
Partner
Membership number: 518352
Place: Delhi
Date: May 30th 2019

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